Affordability of repayments is at the forefront of our minds when looking to approve your application. However other factors, such as past credit history and other current financial obligations will have a bearing on the decision whether to lend to you.
Our assessors will analyse your credit report. We look for defaults, bankruptcy, magistrates court judgements, the number of credit enquiries, and check your bank statements for evidence of regular income exceeding $500 a week without a heavy reliance on other cash loans.
Defaults from the previous five years provide us an understanding of your financial history, and an indication of whether you can afford to meet our repayments. We take bankruptcy and magistrates’ court judgements very seriously and will not provide credit to applicants with negative records in this area.
A quick cash loan, otherwise known as a payday loan, is designed to be used over a short period of time. Quick Cash offers cash loans starting from $200 to $1600 – enough to cover most short term emergencies, or tie you over until next payday. The repayments can be extended of up to a six week period, however, most of our loans are over a one month repayment period.
Quick Cash is regulated by the Australian Securities and Investments Commission. The Australian Government has created responsible lending guidelines to protect Australians wanting to take out quick cash loans. Like other countries, these rules help Australians by capping interest payments and establishment fees. All of our loans fall under the National Consumer Credit Protection Act of 2009, otherwise known as the NCCP. As such the establishment fee and monthly fee are mandated at 20% and 4% respectively. With a simple fee structure, and transparent loan process, your cash loan is as convenient as possible for you!
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All of our loans are between $200 and $1600, with the fee cap set at 20% establishment and 4% per month or part thereof. For example, a $400 loan will cost $96 in fees. If you are paid weekly your repayments will be $124 per week for four weeks.
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As mentioned, we are responsible lenders who do an in-depth analysis of your financial position to be assured you can meet the repayments without undue difficulty. Nobody benefits if you’re unable to repay your cash loan so we abide by strict responsible lending principles to protect both parties. However, we understand that things don’t always go as planned, bills can pile up, and incoming payment dates may change that may compromise your financial situation. This is why we allow deferring payment for a small fee of $35.
However, if you contact us or we agree on an alternative arrangement for payment by the end of the week, we’ll waive the rescheduling fee of $35.
Am I able to apply for a short-term loan of less than $2000 to be repaid in 15 days or less?
The National Consumer Credit Protection Act, otherwise known as the NCCP protects Australians from excessively high interest short term loans and prohibits loans of 15 days or less. These loans have been banned since the 1 st of and cannot be offered by lenders that are not an Authorized Deposit-Taking Institution, such as banks, or credit unions.
Quick Cash examines the past and current financial situation of all applicants. If you receive a majority of your income, meaning 50% or more, from Centrelink, Quickcash will not be able to provide credit to you. If you receive Centrelink income in addition to you employment income, as a supplementary benefit, then you are still eligible to apply for a cash loan.
Quick Cash is known for its quick and easy application and money transfer process. If you are applying during business hours, once approved we will send your loan funds in less than 60 minutes.
If you are with the ANZ Bank, your money will be in your account within minutes of us sending it.
If you are with any of the other major banks, usually the money will be in your bank account within a few hours.
If you are with a smaller regional bank, the latest is overnight, just as long as your application is processed and approved before 3:30pm.
- Those who have a history of bankruptcy
- Those who have had, or currently have a magistrates court dispute
- Those who ask for multiple cash loans over a short period of time, making the repayments unmanageable
- Those who are heavily reliant on cash loans
- Those who make less than $500 a week
- Those who are receiving Centrelink benefit payments a their major source of income
- Those who spend all, or a majority of the money received on their payday and would be unable to meet their other expenses unless they receive more loan funds on that day.
- Those who are not Australian residents
Quick Cash complies with all of the rules, regulations, laws and restrictions that are stated by the Australian Federal Government and that is operational within Australia. In compliance with the Australian Federal Government rules and regulations, as stated by the Australian Securities and Investments Commission, Quick Cash is required to provide all of our prospective borrowers and current borrowers with other credit options available within Australia other than our own quick cash loans.
When considering a quick cash loan, otherwise known as an instalment loan, think of whether you can afford the repayment plan set by Quick Cash and if other financial support options are more suitable for you.
According to the Australian Federal Government and Investments Commission, some cheaper alternatives may be more appropriate when you are experiencing financial difficulty. These options include:
- Negotiating with your utility provider. Many utility companies employ a hardships officer.